Sensex ends up 80 pts, Nifty still below 7250; ITC falls 2%

Moneycontrol Bureau3:30 pm Market closing: The market ended higher with the Sensex at 23788.79, up 79.64 points or 0.3 percent. The Nifty was up 23.80 points or 0.3 percent at 7234.55. About 1388 shares have advanced, 1163 shares declined, and 150 shares are unchanged.

HUL, Sun Pharma, Reliance, Lupin and Cipla were top gainers while NTPC, ITC, Maruti, Adani Ports and Wipro are  top losers in the Sensex.

3:10 pm Gold price: Gold prices fell by Rs 280 to crack below the Rs 29,000 mark to Rs 28,970 per ten grams at the bullion market today, tracking a weak trend overseas amid subdued demand from jewellers at domestic spot market.

Silver followed suit and dropped by Rs 325 to Rs 37,100 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said a weak trend overseas as Asian equities resumed their gains and chances of a US rate hike rose after a report on Friday showed a pick-up in inflation, mainly pulled down both gold and silver prices here.

2:58 pm Market Update: Equity benchmarks continued to be in positive terrain. The 30-share BSE Sensex rose 87.54 points to 23796.69 and the 50-share NSE Nifty advanced 25.10 points to 7235.85.The market breadth remained positive as about 1386 shares advanced against 1089 declining shares on the BSE.2:45 pm Gold falls: Gold prices fell by Rs 280 to crack below the Rs 29,000 mark to Rs 28,970 per ten grams at the bullion market today, tracking a weak trend overseas amid subdued demand from jewellers at domestic spot market.

Silver followed suit and dropped by Rs 325 to Rs 37,100 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said a weak trend overseas as Asian equities resumed their gains and chances of a US rate hike rose after a report on Friday showed a pick-up in inflation, mainly pulled down both gold and silver prices here.

Meanwhile, gold slid 1 percent to USD 1,214.83 an ounce in Singapore today.2:30 pm NHPC in news: State-run NHPC today said that its completely shutdown 520 MW Parbati-III power station in Himachal Pradesh has started generating power."Parbati -III Power Station (4X130 MW) in Himachal Pradesh which was under complete shutdown from December 15, 2015 to carry out repair of pressure shaft, sealing of surge shaft gate and MIV seals and annual maintenance of units has started generation wef February 20, 2016 after completion of the Repair/Maintenance works," NHPC Ltd said in BSE filing today.Parbati Stage-III power station is located in Kullu district of Himachal Pradesh.Also read - Fear of 10-17% excise duty hike wrecks ITC ahead of Budget2:00 pm Market Check

Equity benchmarks extended gains in afternoon trade with the Nifty reclaiming 7250 level, aided by oil, pharma, technology and banks stocks.

The 30-share BSE Sensex rose 112.18 points to 23821.33 and the 50-share NSE Nifty advanced 31.10 points to 7241.85. The market breadth remained positive as about 1382 shares advanced against 997 declining shares on the BSE.

TCS, Crompton Greaves, Nestle, TeamLease, Maruti Suzuki, Axis Bank, HDFC, ITC and ICICI Bank were most active shares on exchanges.

Oil prices recovered today following steep losses in the previous session, supported by a fall in the number of US rigs in use, but analysts said general oversupply was keeping the market weak.

US West Texas Intermediate (WTI) crude futures rose over half a dollar from their last settlement to above USD 30 per barrel, trading at USD 30.45 a barrel. International benchmark Brent was up 73 cents at USD 33.74 per barrel. Both contracts fell almost 4 percent on Friday.